The IDC report observed that several banks have already introduced innovative projects based on mobility. One bank in Singapore has been utilising near field communications (NFC) smart posters that allow vouchers to be stored digitally on cards and SMS-based payment systems for bills. A Thailand-based bank has a program that allows anyone with a smart device to become a merchant for credit cards by using a dongle device.
However, there remain challenges that banks need to overcome. The report pointed out that an existing confusion over different formats and standards in payments has held back banks from fully driving their initiatives forward. Within the space of NFC, the numerous standards rolled out by banks have created different and incompatible systems for customers to adopt.
Sign up for CIO Asia eNewsletters.